All Forum Posts by: Cory King

Hi @Chris Primavera

Def sounds like still in the info gathering stage. Feeling overwhelmed is par for the course, like drinking from a firehose. 

Local meetups are awesome, my friend runs one in Springfield, OH. IDK where that's in relation to you. Happy to make an intro though if it helps.

Ohio certainly has it's charm and lots of investors are in that market, what has you looking at the STR space in Tennessee and Alabama?

Happy to connect & help however I can

@Ethan Brackin what's your goal over the next 3 years? happy to chat as i'm up in knoxville and have some connections in that area. 

I know a HML lender in the area worth connecting with. Talk w/ Cheree at Simpli Funded

@Mason Edwards I live and invest in Knoxville. Happy to connect

What's up! @Andy M.

I'm in Knoxville and have referrals for all those needs you've got. 

Knoxville specifically has some rules regarding STR in the city limits, county is a different set of rules (little more lax).

Let's connect

I'm not an loan officer, but I know some banks locally like ORNL Credit Union have offered a 0% down conventional loan product. Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started. I remember for my first house that was my goal and I house hacked that home for a few years. There's a few mortgage brokers in the area I'm happy to connect you with do dive deeper into your options.

Hey @Zachary Kotiadis congrats on getting started on your investing journey. I believe there may be special exemptions around a job relocation or other extenuating circumstances. I'm curious as to what's important specifically about the FHA loan? There are other loan products available that are still a low down payment.

Out of curiosity, have you talked with your lender about this? I've often found that just going right to the expert in the space is going to be the most direct source of info. Forums are great and all, but verify with the bank. Unless you're using all cash we've all gotta talk to the bank. If you need some referrals I'm happy to connect you to some loan officers who are also investors here in Knoxville. 

Most everyone I've talked to is down to some extent. 1-10% this year. The right property with right management (self-management or otherwise) will do fine overall. It's just not the same as it was a few years ago when money was free and abundant. There's certainly been an uptick in available properties over the last few years as some owners have grown tired, new construction is booming in new lots and ones that were lost in fires, & investors who bought in 2020-2022 who may've overpaid and weren't properly set up are struggling. The dated cabins typically need more help than say brand new construction which now are coming with pools and other amenities built in. 

@Candy Kimbro Congrats on your STR property, nice cash flow for sure. Some banks may lend as a HELOC on the rental property, or refinance it. Would have to have all owners on board for this. 

I've definitely seen parents purchase properties close to campus to house their kids while they're at school, it's a solid move. My wife and I have a few homes near campus we use as student rentals and they certainly perform well. Averaging $1k/mo per bedroom which is now on the cheaper side of things.

I'd consider doing some kind of cash out refi on the property at a number you're both comfortable pulling out, while still leaving $ for reserves to maintain the STR you currently have. It'll restrict that cash flow, but unlock a nice option for the family. Especially if the other kids follow suit, they'll likely need some kind of housing for a significant period of time nearby so buying now wouldn't be the worst move.

Just my 2 cents. Happy to help however I can

there's people out there who will fund downpayments for equity in the deal or a preferred return. hit up local meetups and facebook groups and have some conversations